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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.7x - 9.6x | 9.1x |
| Selected Fwd EBITDA Multiple | 7.2x - 8.0x | 7.6x |
| Fair Value | kr304.33 - kr354.94 | kr329.63 |
| Upside | 42.3% - 65.9% | 54.1% |
| Benchmarks | Ticker | Full Ticker |
| Audax Renovables, S.A. | ADX | BME:ADX |
| ERG S.p.A. | ERG | BIT:ERG |
| EDP Renováveis, S.A. | EDPR | ENXTLS:EDPR |
| Voltalia SA | VLTSA | ENXTPA:VLTSA |
| Italgas S.p.A. | IG | BIT:IG |
| Ørsted A/S | ORSTED | CPSE:ORSTED |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ADX | ERG | EDPR | VLTSA | IG | ORSTED | ||
| BME:ADX | BIT:ERG | ENXTLS:EDPR | ENXTPA:VLTSA | BIT:IG | CPSE:ORSTED | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.6% | 0.4% | -5.0% | 21.7% | 6.3% | 4.7% | |
| 3Y CAGR | 37.8% | 10.7% | -4.5% | 15.3% | 8.5% | 14.1% | |
| Latest Twelve Months | 9.1% | -4.6% | -2.2% | -13.9% | 23.4% | -19.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.9% | 62.7% | 57.1% | 34.6% | 47.9% | 25.6% | |
| Prior Fiscal Year | 4.2% | 69.6% | 46.9% | 43.2% | 45.1% | 27.4% | |
| Latest Fiscal Year | 5.6% | 69.3% | 44.3% | 33.7% | 50.7% | 32.9% | |
| Latest Twelve Months | 5.5% | 68.3% | 44.3% | 33.7% | 51.2% | 28.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.47x | 6.82x | 9.64x | 5.46x | 6.35x | 2.28x | |
| EV / LTM EBITDA | 8.6x | 10.0x | 21.8x | 16.2x | 12.4x | 6.7x | |
| EV / LTM EBIT | 10.2x | 21.0x | 288.5x | 42.7x | 19.5x | 10.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.6x | 12.4x | 21.8x | ||||
| Historical EV / LTM EBITDA | 9.0x | 15.3x | 29.1x | ||||
| Selected EV / LTM EBITDA | 8.7x | 9.1x | 9.6x | ||||
| (x) LTM EBITDA | 21,613 | 21,613 | 21,613 | ||||
| (=) Implied Enterprise Value | 187,357 | 197,218 | 207,079 | ||||
| (-) Non-shareholder Claims * | (74,144) | (74,144) | (74,144) | ||||
| (=) Equity Value | 113,213 | 123,074 | 132,935 | ||||
| (/) Shares Outstanding | 420.2 | 420.2 | 420.2 | ||||
| Implied Value Range | 269.41 | 292.87 | 316.34 | ||||
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 269.41 | 292.87 | 316.34 | 213.90 | |||
| Upside / (Downside) | 26.0% | 36.9% | 47.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADX | ERG | EDPR | VLTSA | IG | ORSTED | |
| Enterprise Value | 978 | 4,979 | 20,323 | 2,959 | 18,618 | 164,031 | |
| (+) Cash & Short Term Investments | 236 | 496 | 867 | 375 | 385 | 24,722 | |
| (+) Investments & Other | 14 | 27 | 1,259 | 27 | 191 | 1,365 | |
| (-) Debt | (585) | (2,688) | (10,836) | (2,322) | (11,368) | (90,855) | |
| (-) Other Liabilities | (13) | (72) | (1,386) | (106) | (332) | (9,376) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 630 | 2,741 | 10,227 | 932 | 7,494 | 89,887 | |
| (/) Shares Outstanding | 450.6 | 145.4 | 1,051.0 | 130.9 | 1,014.7 | 420.2 | |
| Implied Stock Price | 1.40 | 18.86 | 9.73 | 7.12 | 7.39 | 213.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.40 | 18.86 | 9.73 | 7.12 | 7.39 | 213.90 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |